Gary Siegel

One lesson of the 2008-2009 financial crisis is that protecting financial stability is “is at least as important as” effective monetary policy use ‘in the pursuit of macroeconomic objectives,” according to Federal Reserve Board Chairman Ben S. Bernanke.

The Treasury Department Tuesday auctioned $30 billion of four-week bills at a 0.015% high yield, a price of 99.998833.

The Treasury Department Tuesday auctioned $25 billion of 364-day bills at a 0.120% high yield, a price of 99.878667.

Builders’ confidence in the market for new single-family homes improved but remained quite low as the National Association of Home Builders' housing market index - a monthly gauge of builder sentiment – gained to 18 in October from 14 in September.

Tender rates for the Treasury Department’s latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.030% high rate, up from 0.015% the prior week, and the six-months incurred a 0.065% high rate, up from 0.045%.

The Empire State Manufacturing Survey showed “conditions for New York manufacturers continued to deteriorate in October,” the Federal Reserve Bank of New York reported Monday as the general business conditions index was nearly flat at negative 8.48 in October from negative 8.82 in September.

Tender rates for the Treasury Department’s latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.030% high rate, up from 0.015% the prior week, and the six-months incurred a 0.065% high rate, up from 0.045% the week before.

The Treasury Department said Monday it will sell $30 billion of four-week discount bills Tuesday.

The Empire State Manufacturing Survey showed “conditions for New York manufacturers continued to deteriorate in October,” the Federal Reserve Bank of New York reported Monday as the general business conditions index was nearly flat at negative 8.48 in October from negative 8.82 in September.

Further monetary policy accommodation was not clearly needed when the Fed pulled its Twist, and the action taken “will do little to improve the near-term prospects for economic growth or employment, but they do pose some real risks,” Charles I. Plosser, president of the Federal Reserve Bank of Philadelphia, said Wednesday.

Federal Open Market Committee members were presented three options for tending to the System Open Market Account balance sheet at their last meeting, which resulted in Operation Twist, but they were also briefed on a reinvestment maturity-extension program and a large-scale asset purchase program, according to the minutes of its Sept. 20-21 meeting released Wednesday.

Federal Open Market Committee members were presented three options for tending to the System Open Market Account balance sheet at their last meeting, which resulted in a Twist, but members were also briefed on a reinvestment maturity extension program and a large-scale asset purchase program, according to the minutes of its Sept. 20-21 meeting, which were released Wednesday.

Further monetary policy accommodation was not clearly needed when the Fed pulled its Twist, and the action taken “will do little to improve the near-term prospects for economic growth or employment, but they do pose some real risks,” Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Wednesday.

The Treasury Department auctioned $21 billion of 9-year 10-month notes with a 2 1/8% coupon at a 2.271% high yield, a price of 98.717572.

The Treasury Department Tuesday auctioned $30 billion of four-week bills at a 0.010% high yield, a price of par.

The Treasury Department said Tuesday it will sell $30 billion of four-week discount bills on Wednesday.

The Treasury Department Tuesday auctioned $32 billion of three-year notes with a 1/2% coupon at a 0.544% yield and a price of 99.869476.

The Conference Board’s Employment Trends Index slid to 100.95 in September from an upwardly revised 101.37 in August, originally reported as 100.80, and is up 4.4% from a year ago, the group announced Tuesday.

Municipal market investors are looking to the week’s large deals to learn if last week’s sell-off has passed or will continue. Currently, there’s too little activity to properly gauge where prices should be.

The Treasury Department today auctioned $32 billion of three-year notes with a 1/2% coupon at a 0.544% yield, a price of 99.869476.